Within months. Jump in Indian merchandise exports to Iraq
Baghdad - Iraq Today:
The "Iraq of the Future" Foundation for Economic Studies and Consultations said that the value of Indian exports to Iraq from April 2023 to March 2024 increased by 24% compared to the same period last year.
According to data from the Indian Ministry of Commerce and Industry, the value of direct Indian exports to Iraq amounted to 3.4 billion US dollars, up from 2.7 billion dollars for the same period last year.
According to a report released by the institution today, India's rice exports rose 131 percent to $910 million, up from the same period last year, which was worth US$392 million.
Fossil fuels decreased by 9.15% to $799 million from $879 million.
Indian meat exports increased by 41.5% to US$329 million from US$232 million for the same period last year.
Iron exports also increased by 153%, tea exports by 141%, fruit exports by 114%, clothing exports by 106%, and vegetable oil exports by 103%.
The commodities that fell were sugar, whose exports from India to Iraq fell by 85%.
The report indicates that India is the fifth exporter to Iraq of goods after the UAE, China, Turkey and Iran, and the establishment of India's exports is considered direct to Iraq, and may rise if it is added to the value of re-exported goods from the UAE, which is represented by a large percentage of Indian products.
On the other hand, the value of Iraq's exports to India, mainly of crude oil, decreased from 34 billion US dollars compared to 30 billion US dollars in the period from April 2023 to March 2024.
My question is whether or not Iraq is going re-denominate the Iraqi dinar because then [if they re-denominate] the Iraqi dinar isn't going to create a lot of millionaires. I'm hoping that they'll change the exchange rate and leave those zeros right where they are...
--
Nothing would make me happier than to wake up in the morning and seeing for surely they increased the exchange rate...There's no more talk about the deletion of the zeros, which is good.
We don't want them to delete the zeros. If they're going to make a change to the exchange rate, we want them to keep the currency we currency have.
I don't care what them other jokers tell you, it's not going to be just off the exchange rate, it's going to come off the currency. We don't want a LOP...We want them to change the exchange rate for the better without removing the zero. That's what we want.
Iraq is on the verge of getting their full sovereignty which is awesome for Iraq and a huge step in going in the right direction. Article "Al-Aboudi: The decision to end the UNAMI mission in Iraq is a major step for full sovereignty"
Deletion of the zeros is a redenomination. Iraq is not positioned to do a redenomination. That means you have to create all new bill. I know they keep telling you guys it's only coming off the exchange rate but they're wrong...There's no increase in the exchange rate. I was hoping things will start going up in increments by now but that's not even moving, not yet anyway.
Iraq bids farewell to the list of “high-risk countries”
Observers and specialists in political affairs expressed their optimism about Iraq’s exit from the list of “high-risk countries” that was officially announced by the International Task Force (FATF) last week, noting that the international declaration represents an important step in the correct path that the Sudanese government is taking in achieving reforms. Financial and economic along with political stability.
Political affairs analyst, Qasim Balshan Al-Tamimi, told “Al-Sabah”: “Iraq’s exit from (the follow-up area) and from the list of (high-risk countries), according to the announcement of the International Task Force (FATF), is a very important step,” noting that “the announcement The International Bank came as a result of the reforms carried out by the Central Bank of Iraq, as well as the procedures and reforms of the Office of Combating Money Laundering and the Financing of Terrorism.”
He added, "Iraq's exit from the list also comes as a result of the legislation of the Anti-Money Laundering Law No. 39 of 2015, and also the establishment of the Anti-Money Laundering Council," and explained that "Under the announcement of the International Working Group, Iraq has become outside the monitoring and follow-up process, and this means that it has regained the confidence of the group."
"By restoring this confidence, Iraq can play a major and pivotal role in the region and in the world, and this step would also make Iraq a destination and a source of interest for major international development and investment companies." The International Financial Action Task Force (FATF) officially announced Iraq’s exit from the follow-up area, due to the significant progress achieved by the Central Bank of Iraq and the Anti-Money Laundering and Combating the Financing of Terrorism Office in improving and addressing deficiencies and in fulfilling all its obligations towards the recommendations of the Financial Action Task Force and addressing the requirements of the strategy to combat money laundering and financing of terrorism. Terrorism, and thus Iraq is no longer subject to monitoring and follow-up by the international Financial Action Task Force (FATF).
For his part, the political analyst, Ali Al-Baidar, stated in an interview with “Al-Sabah” that “Iraq’s exit from the list of the most corrupt countries is evidence that the Sudanese government is not a government of services - as it is referred to - but rather a reform government that has achieved many political and governmental aspects and prevented "A lot of cases of corruption."
He noted that "Iraq's exit from the list confirms the important steps that the government has worked on, and from here we can look at the deep vision with which the authority dealt with and the method of implementing its service programs in a reform manner, many of which were directed towards preventing corruption, such as activating electronic automation, and there is also awareness Socially, it contributed to rejecting cases of rampant corruption in recent years.”
He explained that "the fingerprints that Al-Sudani placed on the wheel of reform were reflected positively on the projects and the clarity of vision for many matters related to services and reform. It also appears that Prime Minister Muhammad Shia Al-Sudani laid the foundation for basic visions and ideas that are reflected in the lives of Iraqis, including creating a culture of transparency and integrity, and this The matter affects Iraq's reputation positively, and also affects international support and the creation of an investment environment in Iraq to attract companies, and these are the first fruits of reform that Sudanese reaped as a result of the positive repercussions of his government program.” link
The electronic systems are taking hold...This will allow the shrinkage/withdrawal of the tangible currency notes from the market that is needed in the process to Delete the Zeros...a critical part of it...I can remember hearing as far back as 2010 from Dr Shabibi the importance of the electronic banking effort and its advantages to the process. Yes, they MUST shrink down the currency mass...if you shrink down the monetary mass than what is left will be worth more.
As June is rolling on…. We have waited for this month for a long time to come. This month I believe is going to be a critical month for us investors...I had a very interesting conversation...call to Iraq.
I was told by the committee that all is geared up for the Project to Delete the Zeros...I was told that if they can retain the stability between the Parallel Market rate and the Official CBI rate of the dollar that we could see the next “official” rate change that we have been waiting for some time in JUNE...WOW! ...Nothing is certain on any dates because it is all dependent on the market and what it brings. They cannot predict this. But...my contact in the CBI did sound optimistic and that something BIG could or is about to happen and happen much sooner than later...
This month I believe is going to be a critical month for us investors...
Article: "CENTRAL BANK: THE ISSUANCE OF NEW MONETARY DENOMINATIONS WILL NOT AFFECT THE DINAR EXCHANGE RATE” I would consider this “WOW!” news.
Quote: "... the issuance of new cash denominations, large or small, will not affect the dinar exchange rate." If the CBI drops the zeros (project to delete the zeros) the rate of the dinar will remain the same in-country of Iraq. It only changes when the reinstatement back to FOREX occurs...the value is already in the dinar... only the rate, right now, does not reflect the true rate...
Why...on May 27th did the CBI make this announcement about the issuance of newer lower denominations? Could they be heading into June for the redenomination of the three zero notes?
Article quote: “The budget is not affected by the rise or decline in dollar exchange rates, because Iraq will receive the dollar from the export of oil, and on the contrary, revenues increase as dollar prices increase globally,”
The rate of the dollar to the dinar will NEVER be in the budget...NOT GOINGTO HAPPEN! ...The budget is dependent on the price of oil.
Al-Sudani: The government has provided a safe investment environment and financial and banking facilities that are attractive to experienced companies
Prime Minister Muhammad Shiaa Al-Sudani confirmed that the government has provided a safe investment environment, and financial and banking facilities that are attractive to experienced companies, which opens horizons for continuous cooperation, reflects positively on the local economy, creates job opportunities, and maximizes Iraq’s oil resources, in light of The goal of converting at least 40% of Iraq's oil exports into derivatives and refining products, in addition to gas investment.
A statement from his media office said that today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani, Chairman of the Board of Directors of Al Hilal Companies, Mr. Hamid Jaafar, and his accompanying delegation, indicating that the meeting witnessed a review of the progress of work in the projects undertaken by the company in Iraq, especially the company’s project within the fifth round of licensing. In addition to confirming the government’s vision to expand productive partnerships with companies and regional and international economic groups, in cooperation with the Iraqi private sector, within the government’s platform for economic reform. For his part, Hamid Jaafar expressed his appreciation for the government’s steps in facilitating all aspects of fruitful work, and the Prime Minister’s directives to remove obstacles and impediments that hinder the work of investment companies, and to prepare everything that would raise levels of cooperation. link